Chaos in Cyprus continues today after their parliament overwhelmingly rejected an EU order to raid private savings. Should you surrender 10% of your life savings or should the peoples of the Eurozone pick up the bill for your government’s debt fuelled ‘prosperity’? It’s a lose-lose choice Cypriots are left to ponder as their politicians keep private money under lock and key by extending the bank holiday until Thursday.
The chaos unfolded last night as the British Government dispatched one million euros, by plane, to support our soldiers in Cyprus; just in case the Cypriot Parliament voted in favour of stealing from its own population’s life savings.
This ludicrous euro-drama did not end there, after voting against the EU’s orders, Cypriot politicians are now going cap in hand to Russia for a bailout – the very country that stood to lose billions in the proposed EU heist.
Possible solutions being considered by the EU are even more troubling, as capital controls are considered, slowing down the speed at which withdrawals and payments will clear and capping the amount of money that can be electronically removed from the country. When the safety of your life savings relies on your politicians maintaining a long term resistance against their Euro bosses, it is understandable that Cypriots are keen to get their money out of the firing line and back into their own hands.
A sovereign parliament rejecting EU bailout orders adds a new dimension to the rapidly unravelling euro project with troubled governments beginning to fear their people more than Brussels. However the Eurozone fallacy was further exposed when the Eurozone today washed its hands of the politics by admitting that it does not matter how Cyprus raises the money ‘provided that it continues yielding the targeted reduction of the financing envelope’. If Cyprus fails to find the money, their exit from the Euro becomes a real possibility, could this little island of only 800,000 people be the one to finally bring the euro ‘dream’ to its close?